Apricus Biosciences, Inc (APRI) saw its loss narrow to $7.43 million, or $1.14 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $19.02 million, or $3.83 a share. Revenue during the year grew 19.09 percent to $5.76 million from $4.84 million in the previous year. Gross margin for the year contracted 4846 basis points over the previous year to 32.48 percent.
Operating loss for the year was $13.41 million, compared with an operating loss of $21.35 million in the previous year.
“Last week, we announced the divestiture of our ex-U.S. Vitaros interests to Ferring Pharmaceuticals. The closing of this transaction will allow us to focus our attention on the U.S. Vitaros NDA resubmission in the third quarter of this year, and advancing the RayVa clinical development program”, stated Richard W. Pascoe, Chief Executive Officer. “We continue to believe in the tremendous value that our pipeline potentially offers to patients, healthcare providers and shareholders as we look ahead and we are committed to working with Ferring to ensure a smooth transition of the Vitaros product outside of the United States. Importantly, this transaction creates a more streamlined, capital efficient organization with the potential to deliver on multiple regulatory, clinical and business development milestones over the next twelve months.”
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